Wu & Chang May Leave Bitmain's Leading Positions

Wu and Zhang own 21% and 37% of the company's shares, they will have the right to vote on strategic issues
11 January 2019   156

The founders of the Chinese mining company Bitmain Jihan Wu and Zhan Ketuan will leave their leadership positions, but will still be able to make important strategic decisions. It is reported by the South China Morning Post, citing informed sources.

According to the publication, the leaders of Bitmain disagreed on the future vector of the company's development in a falling cryptographic market.

It is not yet known when the company will appoint a new CEO, however, the main contender for this position is Bitmain's director of design, Haichao Wang. But since Wu and Zhang own 21% and 37% of the company's shares, they will have the right to vote on strategic issues.

Information about the upcoming staff lay offs at Bitmain appeared in December. It has been reported that a third of the more than 3,000 employees will leave the company.

Similar rumors about the departure of Wu from the company's board of directors were exaggerated by the press in mid-November 2018. This allegedly was connected with an unofficial confrontation with Zhang. However, then the official representatives of Bitmain denied this information.

Iceland Farm Thief to be Sentenced to 4.5 Years

He was able to escape to Amsterdam in April 2018, using prison's window
22 January 2019   88

Icelandic Sindri Tor Stefansson, who was previously charged with theft of bitcoin mining equipment for more than $ 2 million, was sentenced to 4.5 years in prison. Six of his accomplices also received various prison sentences. This is reported by local media.

In addition, convicts will have to pay more than $ 200,000 in compensation in favor of the affected mining company Advania.

In March 2018, Stefansson and his accomplices committed one of the largest robberies in Iceland's history, stealing more than 600 full-featured mining farms from Bitmain.

Police detained the robbers in the same month. However, in April, Sindri Thor Stefansson managed to escape from Icelandic prison and flew to Stockholm and then to Amsterdam, using cell phone and fake ID.

Less than a week later, police detained Stefansson in Amsterdam, after which he was extradited to Iceland, where he was brought to justice.